MINNEAPOLIS--(BUSINESS WIRE)--Allianz Life Insurance Company of North America (Allianz Life®) today announced new innovative enhancements to the Allianz Life Pro+® Fixed Index Universal Life Insurance (FIUL) Policy. In addition to helping agents provide income-tax-free death benefit protection for beneficiaries, Allianz Life Pro+ now offers a Convertible Term Rider that helps clients add additional coverage that can adapt as their needs and lifestyle change, and a multiplier interest bonus to accelerate the accumulation potential of the policy.
The Convertible Term Rider – one of nine optional riders available on the Allianz Life Pro+ policy – allows the policyholder to add term insurance to their permanent policy, subject to certain limits, and have the option to convert all or a portion of the term coverage, over time, to permanent coverage. Conversion is available in policy years 2 through 10, without additional underwriting.
The new interest bonus design uses a multiplier factor to help grow the accumulation potential of the policy. Beginning in year 11, the bonus is calculated based on any interest earned throughout the policy year, and credited annually, with a cap of 1.0%. The multiplier rate is guaranteed for the life of the policy.
“The latest enhancements to Allianz Life Pro+ provide consumers with increased flexibility to address a variety of changing needs, from a new addition to the family to an unexpected financial obligation,” said Jason Wellmann, senior vice president of Life Insurance Sales for Allianz Life. “These new innovations will help people maintain their financial well-being in the present and protect against vulnerability in the future.”
In addition to these product enhancements, Allianz Life has new tools available to help financial professionals discuss the importance of life insurance with their clients. A short video available at allianzlife.com – “Life’s A Journey” – explores the many benefits of fixed index universal life insurance, including the death benefit, which is provided income-tax-free to beneficiaries, and other needs that can be addressed with an FIUL policy. Another new feature is an interactive life insurance calculator that can help clients determine how much coverage they may need via a series of simple questions.*
Launched in 2011, some advantages of Allianz Life Pro+ include:
- Tax advantages, including income-tax-free death benefit to beneficiaries, potential to build cash value on a tax-deferred basis, and policy loans from any available cash value that are income-tax-free while the policy remains in force.1
- Chronic Illness Accelerated Benefit Rider2 – Clients can accelerate a portion of their death benefit if they become chronically ill or cognitively impaired (under specific criteria). This feature is included with the policy at issue, and can help clients prepare financially should they become chronically ill.
- Premium Deposit Fund (PDF) Rider – Allows clients to fund the PDF Rider with a single lump-sum amount, and have annual planned premiums automatically transferred from the PDF Rider to the life insurance policy.3
- Cash value accumulation potential that can earn interest based on a variety of index allocations that include an exclusive blended index, the Barclays US Dynamic Balance Index II, and the S&P 500® Index for newly issued policies. A fixed interest allocation is also available. With the built-in annual reset feature, any indexed interest credited is locked in and can never be lost due to market volatility, meaning the policy’s cash value is guaranteed to never decrease due to negative index changes. Certain fees and expenses will reduce cash value.
- Policy loans and withdrawals1 – including a low 5% guaranteed indexed loan interest rate – that can help supplement retirement income, supplemental college funding, financial emergencies, or business succession planning and more. The annual 5% indexed loan rate is guaranteed for the life of the policy, and among some of the most competitive indexed loan rates available within the life insurance industry.
Keep in mind that most life insurance policies require health underwriting and financial underwriting. Life insurance involves certain fees and expenses. Individuals should discuss with their financial professional whether a life insurance policy meets their needs.
No single index or crediting method produces the best results in all market conditions. Although an external index may affect the interest credited, the policy does not directly participate in any equity or fixed income investments. Clients are not buying shares in an index.
For more information about Allianz Life Pro+, visit www.allianzlife.com.
*Information provided by the life insurance calculator is an estimate only and not an offer of insurance coverage. Please consult with your financial professional to determine the amount of life insurance protection that may be appropriate for you.
1 Policy loans and withdrawals will reduce available cash values and death benefits, and may cause the policy to lapse or affect any guarantees against lapse. Additional premium payments may be required to keep the policy in force. In the event of a lapse, outstanding policy loans in excess of unrecovered cost basis will be subject to ordinary income tax. Tax laws are subject to change. You should consult a tax professional.
2 Subject to certain age and underwriting requirements, and available at an additional cost at the time the rider is exercised. Not available in all states.
3 Minimum number of planned premium transfers is three, and the maximum number of premium transfers is 10.
Guarantees are backed by the financial strength and claims-paying ability of the issuing company.
Contract P95472 is issued by Allianz Life Insurance Company of North America. Product and feature availability may vary by state and broker/dealer.
The S&P 500® Index is comprised of 500 stocks representing major U.S. industrial sectors. The Dow Jones Industrial Average is a popular indicator of the stock market based on the average closing prices of 30 active U.S. stocks representative of the overall economy. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“S&P”) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). These trademarks have been licensed for use by S&P Dow Jones Indices LLC and its affiliates. S&P® and S&P 500® are trademarks of S&P and Dow Jones®, Dow Jones Industrial Average℠, DJIA and The Dow are trademarks of Dow Jones. These trademarks have been sublicensed for certain purposes by Allianz Life Insurance Company of North America (“Allianz”). The S&P 500 and Dow Jones Industrial Average (DJIA) are products of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by Allianz. Allianz products are not sponsored, endorsed, sold, or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P, or their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, S&P, or their respective affiliates make any representation regarding the advisability of investing in such product.
The Barclays US Dynamic Balance Index II is comprised of the Barclays US Aggregate RBI® Series 1 Index and the S&P 500® Index and shifts weighting daily, up to 3%, between them based on realized market volatility. The Barclays US Aggregate RBI® Series 1 Index is comprised of a portfolio of derivative instruments plus cash that are designed to track the Barclays US Aggregate Bond Index. The Barclays US Aggregate Bond Index is comprised of Barclays US investment-grade, fixed-rate bond market securities, including government agency, corporate, and mortgage-backed securities. Barclays Risk Analytics and Index Solutions Limited and its affiliates ("Barclays") is not the issuer or producer of any Allianz products and Barclays has no responsibilities, obligations or duties to investors in respect of the Barclays US Aggregate Bond Index, the Barclays US Aggregate RBI® Series 1 Index or the Barclays US Dynamic Balance Index II. The Barclays US Aggregate Bond Index, the Barclays US Aggregate RBI® Series 1 and the Barclays US Dynamic Balance Index II are trademarks owned by Barclays, and the Barclays US Aggregate Bond Index and the Barclays US Dynamic Balance Index II are licensed for use by Allianz Life Insurance Company of North America as the Issuer of the Allianz product. While Allianz may for itself execute transaction(s) with Barclays in or relating to the Barclays US Aggregate Bond Index, the Barclays US Aggregate RBI® Series 1 Index or the Barclays US Dynamic Balance Index II with Allianz products, investors acquire Allianz products from Allianz Life Insurance Company of North America and investors neither acquire any interest in the Barclays US Aggregate Bond Index, the Barclays US Aggregate RBI® Series 1 Index or the Barclays US Dynamic Balance Index II nor enter into any relationship of any kind whatsoever with Barclays upon making an investment in any Allianz product. The Allianz products are not sponsored, endorsed, sold or promoted by Barclays and Barclays makes no representation regarding the advisability of any Allianz product or use of the Barclays US Aggregate Bond Index, the Barclays US Aggregate RBI® Series 1 Index or the Barclays US Dynamic Balance Index II or any data included therein. Barclays shall not be liable in any way to the Issuer, investors or to other third parties in respect of the use or accuracy of the Barclays US Aggregate Bond Index, the Barclays US Aggregate RBI® Series 1 Index or the Barclays US Dynamic Balance Index II or any data included therein.
About Allianz Life Insurance Company of North America
Allianz Life Insurance Company of North America, one of FORTUNE’s 100 Best Companies to Work For in 2016, has been keeping its promises since 1896. Today, it carries on that tradition, helping Americans achieve their retirement income and protection goals with a variety of annuities and life insurance products. In 2015, Allianz Life provided a total of $2.4 billion in benefit payments that supported policyholders’ financial objectives. As a leading provider of fixed index annuities, Allianz Life is part of Allianz SE, a global leader in the financial services industry with 142,000 employees in more than 70 countries worldwide. More than 85 million private and corporate customers rely on Allianz knowledge, global reach, and capital strength to help them make the most of financial opportunities.
Allianz Life Insurance Company of North America offers insurance and annuities in all states except New York. In New York, products are issued by Allianz Life Insurance Company of New York.
